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ECO402 : Microeconomics

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Talat Afza
Wayne State University, USA

Course Contents

Microeconomics and Macroeconomics, Economic Systems, Supply and Demand, The Market Mechanism, Changes in Market Equilibrium, Shifts in Demand and Supply, Elasticities of Supply and Demand, Income Elasticity of Demand, Cross Price Elasticity of Demand, Consumer Preferences, The Indifference Curve, The Budget Line, The Effects of Changes in Income and Prices, Revealed Preference Theory, Law of Diminishing Marginal Utility, Laspeyers and Pasches Index, Engel Curve, Price Elasicity and Consumer Expenditure, Point and Arc Elasticity of Demand, Consumer Surplus, Network Externalities, Preferences Toward Risk, Production, Isoquants, The Law Of Diminishing Marginal Returns, Production with Two Variable Inputs, The Isocosts Line, Long-Run versus Short-Run Cost Curves, Production with Two Outputs- Economies of Scope, Economies of Scope – The Learning Curve, Perfectly Competitive Markets, Monopoly, Monopsony, Peak Load Pricing, The Two Part Tariff, Bundling,Advertisisng, Monopolistic Competition, Oligopoly,Competitive Factor Market, Factor Market with Monopoly Power, Bilateral Monopoly.